Dear Shareholder,
Interim Financial Results IMC Exploration Group plc (`IMC')
for the six months to 31st December 2014
The directors of IMC Exploration Group plc, are pleased to present the Interim
Financial Results for IMC Exploration Group plc (`IMC') for the six months to
31st December 2014.
Earlier this year, IMC commenced a drilling programme on its Avoca properties
in Co. Wicklow, Ireland. The initial indications from the core are highly
encouraging and we expect the results from the assays to be available shortly.
We are delighted to have recently announced that IMC has signed an agreement
with Koza Limited, a subsidiary of KozaAltinIsletmeleri A.S. to fund our
independently commissioned works programmes on our gold, silver and base metal
licence areas.
As we look forward with confidence to the completion of our exploration
activities with Koza, we would also like to acknowledge the support, assistance
and professionalism of Michael McCarthy and his team at Priority Drilling, our
Accountants, Clifford Desmond & Associates and our Corporate Advisors Keith
Bayley Rodgers.
Your company has made significant progress over the last number of months and
your directors are confident that we will continue with this forward momentum.
Liam McGrattan
Chairman
Unaudited Consolidated Statement of Comprehensive Income for the period ended 31 December 2014
Six Months Six Months Year Ended
Notes 31-Dec-14 31-Dec-13 30-Jun-14
Euro Euro
Continuing Operations
Revenue - - -
Other Income / (Expense) 0 1,017 1,017
Administrative Expenses (103,166) (80,387) (229,547)
(Loss) before tax (103,166) (79,370) (228,530)
Income tax expense 0 5,408
(Loss) for period from continuing (103,166) (79,370) (223,122)
operations
Other Comprehensive income - -
Loss for the period and total comprehensive loss (103,166) (79,370) (223,122)
for the period
Earning per share (all continuing)
Loss per ordinary share - basic & 1 (0.001) (0.001) (0.003)
diluted
Unaudited Consolidated Statement of Financial Position As at 31 December 2014
Six Months Six Months Year Ended
Notes 31-Dec-14 31-Dec-13 30-Jun-14
Non Current Assets 2 703,158 531,763 809,232
Current assets
Debtors 112,166 134,296 111,403
Cash and cash equivalents (28,331) 2,033 (32,304)
Total assets 786,993 668,092 888,331
Equity and liabilities
Equity
"A" Ordinary Share Capital 38,093 38,093 38,093
Ordinary Share Capital 69,309 53,309 69,309
Share Premium - Ord Shares 1,676,777 1,308,102 1,676,777
Retained Earnings (1,070,374) (823,455) (967,208)
Equity attributable to the owners of the 713,805 576,049 816,971
Company
Current Liabilities
Trade & Other Payables 73,188 92,043 71,360
Total liabilities 73,188 92,043 71,360
Total equity and liabilities 786,993 668,092 888,331
Unaudited Consolidated Statement of Changes in Equity for the period ended 31 December 2014
"A" Share
Ordinary Ordinary Premium
Share Share Ordinary Retained
Capital Capital Shares Losses Total
Euro Euro Euro Euro Euro
Balance at 30 June 2013 38,093 53,309 1,308,102 (744,086) 655,418
Loss for the Period - - - (223,122) (223,122)
Other Comprehensive loss for the period - - - - -
Issue of share capital - 16,000 368,675 - 384,675
Share Issue Costs - - - - -
Balance at 30 June 2014 38,093 69,309 1,676,777 (967,208) 816,971
Loss for the Period - - - (103,166) (103,166)
Other Comprehensive loss for the period - - - - -
Issue of share capital - 0 0 - 0
Share Issue Costs - - - - -
Balance at 31 December 2014 38,093 69,309 1,676,777 (1,070,374) 713,805
Accounting Policies
Basis of Preparation
The financial statements have been prepared on a
historical cost basis.
The financial statements are presented
in Euro.
1. Statement of Compliance
The consolidated year end financial statements of IMC Exploration Group PLC and
its subsidiary have been not reviewed by the auditor and have been prepared in
accordance with International Financial Reporting Standards (IFRS) as adopted
by the European Union (EU). In addition to complying with its legal obligation
to comply with IFRS as adopted for use in the EU, the Group has also complied
with IFRS as issued by the International Accounting Standards Board (IASB).
Notes to and forming part of the annual financial
statements
1. Loss per Share
Basic loss per Ordinary Share amounts are calculated by dividing net loss for
the period attributable to ordinary equity holders of the parent by the
weighted average number of Ordinary Shares outstanding during the period.
Basic earnings per share
The weighted average number of ordinary shares used in the calculation of basic
and diluted earnings per share is as follows:
Six Months Six Months Year Ended
31-Dec-14 31-Dec-13 30-Jun-14
Loss for the period attributable to equity 103,166 79,370 223,122
holders of the parent
Weighted average number of ordinary shares for the 69,308,507 53,128,507 69,308,507
purposes of basic earning per share
Basic (loss) per ordinary share (0.001) (0.001) (0.003)
2. Non Current Assets
Exploration Plant and Financial
Expenditure Equipment Assets Total
Euro Euro Euro Euro
Cost
At 30 June 2013 524,724 6,125 38,738 569,587
Additions/Disposals - - 384,675 384,675
At 30 June 2014 524,724 6,125 423,413 954,262
Additions/Disposals - - (29,568) (29,568)
At 31 December 2014 524,724 6,125 393,845 924,694
Provision for diminution in value
At 30 June 2013 - (2,210) (35,002) (37,212)
Charge for period - (1,225) (106,593) (107,818)
At 30 June 2014 - (3,435) (141,595) (145,030)
Charge for period - (613) (75,893) (76,506)
At 31 December 2014 - (4,048) (217,488) (221,536)
Net book value
At 30 June 2014 524,724 2,077 176,357 703,158
Expenditure on exploration activities is deferred on areas of interest until a
reasonable assessment can be determined of the existence or otherwise of
economically recoverable reserves. No amortisation has been charged in the
period. The directors have reviewed the carrying value of the exploration and
evaluation assets and consider it to be fairly stated and not impaired at 31
December 2014. The recoverability of the exploration and evaluation assets is
dependent on the successful development of the group's licence areas.
3. Share capital - Group and Company
31-Dec-14 31-Dec-13 30-Jun-14
Euro Euro Euro
200,000,000 Ordinary shares of Euro 200,000 200,000 200,000
0.001 each
50,000 "A" Ordinary shares of One Euro 50,000 50,000 50,000
each
250,000 250,000 250,000
Issued, called up and fully paid
Number of Share Share
shares Capital Premium
Euro Euro
Euro 0.001 Ordinary Shares
As at 30 June 2013 53,308,507 53,309 1,308,102
Issued in period 16,000,000 16,000 368,675
As at 30 June 2014 69,308,507 69,309 1,676,777
Issued in period 0 0 0
As at 31 December 2014 69,308,507 69,309 1,676,777
Issued, called up and partly paid
Number of Share Share
shares Capital Premium
Euro Euro
One Euro A Ordinary Shares
As at 30 June 2013 38,093 38,093 -
Issued in period - - -
As at 30 June 2014 38,093 38,093 -
Issued in period - - -
As at 31 December 2014 38,093 38,093 -
"A" Ordinary Shares have the right to receive notice of and attend but not to
vote at general meetings, no right to a dividend, right to return of capital
but no further right to participate in a distribution of assets of the company.
The directors of the issuer accept responsibility for this
announcement.
Contact Details:
IMC Exploration Group PLC
Mr. Liam McGrattan
Tel. Ireland +353 872745427
Clifford Desmond & Associates
Mr. Maurice Clifford
Tel. Ireland +353 14989400
maurice.clifford@clifforddesmond.ie
Keith Bayley Rogers & Co.LTD
Mr. Hugh Oram
Tel. London +44 203 1008170
hugh.oram@kbrl.co.uk
This announcement is distributed by PR Newswire on behalf of the company.
The issuer of this announcement warrants that they are solely responsible for
the content, accuracy and originality of the information contained therein.